Only 8% of Americans plan to refinance their mortgage in the next year, down from 16% in October 2002, according to the Cambridge Consumer Credit Index.The index survey found that 35% of those surveyed had refinanced in the past two years, up from 24% in 2002, and that 57% have not refinanced and have no intention to do so. Regarding spending plans, 30% of the respondents said they plan to use money saved from refinancing to pay off non-credit-card debt (such as car loans), 23% plan to increase their savings, 22% plan to spend the money on major purchases (such as home improvements or cars), and 10% plan to pay off credit card debt. The index can be found online at http://www.cambridgeconsumerindex.com.
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Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.
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Malhotra joins the home finance giant after previously helping launch platforms to provide generative AI enterprise solutions and founding a technology research lab at the global multinational firm.
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The reverse-mortgage lender saw a quarterly loss but expects originations to increase 10% in the second quarter, as it attempts to address high-yield debt concerns.
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Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
Mike Kortas, CEO of NEXA, alleges he fired his former co-owner, Mat Grella, because he added himself as a "new manager" of the company in a filed amendment to the company's articles of organization.
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Price growth is decelerating but still driving historic home equity gains for owners and widening the gap between the haves and have-nots in housing, ICE finds.
May 6